Stellar Biotechnologies revenues up but losses grow

A Stellar Biotechnologies employee shows off the Giant Keyhole Limpets they farm and bleed to delevop disease treatments.

Stellar Biotechnologies’ revenues increased slightly during the third quarter of 2016 but losses widened as the company signed a new partnership with a French company and held an offering for institutional investors, the company said in a quarterly earnings report Aug. 8.

Stellar revenues increased slightly from $157,748 during the third quarter of 2015 to $181,092 in 2016. Operating costs increased during the quarter though from about $1 million in 2015 to $1.4 million in 2016.

Net losses also more than doubled from $463,686 during the same quarter last year to $1.2 million this year. Net losses per share also increased from 6 cents per share last year to 14 cents per share this year.

Based in Port Hueneme, Stellar makes a type of immunotherapy by bleeding animals called giant keyhole limpets that are only found along scattered portions of the west coast — including parts of California.

On May 11, Stellar announced it formed a partnership with Paris-based Neovacs to form a joint venture called Neostell S.A.S. Under terms of the agreement, Neovacs owns 70 percent of the new company and Stellar will owns 30 percent.

On July 6, Stellar raised $6.75 million in two offerings for institutional investors.

Common shares of Stellar Biotechnologies stock started trading on the Nasdaq stock exchange Nov. 5 and in March the company applied for a voluntary delisting from Canada’s TSX Venture Exchange.

Since Nov. 5, shares have fallen from $9.41 per share to a close of $2.94 Aug. 8. As of 9:55 a.m., Stellar shares were down 18 cents to $2.76 per share.